Ideon Press Releases
May 18, 2016
Vericred Announces Individual and Group Health Plan Formulary Data
NEW YORK, May 18, 2016 /PRNewswire/ — Vericred (www.vericred.com), a healthcare technology startup delivering data solutions to the health insurance industry, has announced the immediate availability of formulary datasets for the individual under 65, small group and large group health insurance markets.
The datasets being made available today include formularies for all individual and small group health plans in all 50 states, on- and off-marketplace, and most large group health plans. Formularies are available through Vericred’s REST application programming interface (API), mapped at the plan level, allowing for easy integration into health insurance sales and utilization platforms. In addition to drug tiers, the API returns data on prior authorizations, step therapies and quantity limits. Later this summer, therapeutic alternatives will also be returned by the API.
“With patients bearing more out-of-pocket costs for prescription drugs, the new personal health economics are compelling patients to become informed health consumers. These consumers need transparent, easy-to-use, helpful information on the price of prescription drugs and therapeutic alternatives,” said Jane Sarasohn-Kahn, health economist at THINK-Health LLC and blogger at Health Populi.
“With over sixty percent of adults taking one or more prescription drugs, there is a deep need to bring transparency to this complex coverage element,” said Michael W. Levin, Vericred’s co-founder and CEO. “Our formulary data enables our partners to develop solutions to help individuals and groups better shop for, and utilize, their health plans.”
Vericred, Inc. is a healthcare technology company enabling the transformation of the health insurance shopping experience. Its provider-network, formulary, and plan design and rate data for the individual and small group markets form the basis of decision-support functionality that brings transparency to the health plan search and selection process. Vericred’s data are available through a REST API in formats easily ingestible into health insurance search, quoting, and sales technology platforms, including private exchanges and marketplaces. Follow Vericred on Twitter, Facebook and LinkedIn.